2006-07-17 22:15:38 · 5 answers · asked by neo 1 in Business & Finance ➔ Small Business
According to the book “The ABC's of Writing Winning Business Plans: How to Prepare a Business Plan That Others Will Want to Read -- and Invest In” http://www.amazon.com/exec/obidos/ASIN/0446694150/powerhomebizguid by Garrett Sutton, below are some tips to make a winning business plan that can get funding:
- Money follows management. Investors look first at the people involved in the company. If you are just starting out and don’t have relevant experience, investors expect to see that you have an experienced team of advisors and employees helping you in the business.
- Make sure you “sell” the one reason your business will become profitable.
- State clearly the strategies you will employ to get the word out about your business. Your business plan must show how you will leverage the Internet, public relations, viral marketing, and other strategies to attract customers.
- Present realistic estimates of the time, energy and costs of building a successful business. Do not underestimate or overestimate revenues. While investors know your numbers are simply guesses, they want to see that your numbers are within the “range of reality.” Be careful of your financial statements: this is one area where you can easily lose credibility if presented poorly.
- Benchmark similar companies to show that you’ve done your homework and researched the market.
- Your Executive Summary is your calling card. If it is not a winner, investors may not even read your entire plan. Emphasize your own as well as your team’s track record in the Executive Summary.
- Before sending your business plan to lenders and investors, send it out first to a few in order to get feedback. You’d want to correct your plan if someone tells you that you’re way off mark, rather than have a potential investor tell it to you and lose the chance to get the funding you need.
Here are some resources that can help you write your business plan:
- SBA Business Plan Basics http://www.sba.gov/starting_business/planning/basic.html
- PowerHomeBiz.com Creating a Business Plan section http://www.powerhomebiz.com/startup/businessplan.htm
- Entrepreneur.com Writing a Business Plan section http://www.entrepreneur.com/bizplan/0,7253,,00.html
You may also want to review some sample business plans to see how it actually looks like:
- Bplans.com http://www.bplans.com/sp/businessplans.cfm
- MOOT Corp Business Plan competition winners
http://www.businessplans.org/businessplans.html
- VFinance - View hundreds of real business plans in pdf format. http://www.vfinance.com/home.asp?bps=1&ToolPage=bps_main.asp
- Business Owners Toolkit Sample business plans and information on how to create a plan. http://www.toolkit.cch.com/tools/buspln_m.asp
- PlanWare Planning software and information. http://www.planware.org/
- Virtual Business Plan Walk through the design of a business plan. http://www.bizplanit.com/vplan.html
-SBA Business Planning Guide http://www.sba.gov/starting_business/planning/basic.html
- Small Business Advancement Center http://www.sbaer.uca.edu/business_plan/businessPlan.pdf
- Sample Business Plan General planning guide created by the Canadian Business Service Center. http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE/display&c=GuideFactSheet&cid
- Business Plans Index - A subject guide to sample business plans and profiles for specific business types from Carnegie Library of Pittsburgh. http://216.183.184.20/subject/business/bplansindex.html
Some recommended books are :
- Business Plans Kit for Dummies
- The Complete Book of Business Plans : Simple Steps to Writing a Powerful Business Plan
- Writing Business Plans That Get Results : A Step-By-Step Guide
- Business Plans For Dummies®
- Your First Business Plan : A Simple Question and Answer Format Designed to Help You Write Your Own Plan
CNN Money http://money.cnn.com/2006/02/28/magazines/business2/angelinvestor/index.htm has a very good article on angel investors, what they typically look for, what kind of investments they support, etc.
You may want to go and pitch your ideas where investors gather. Here are some places where angel investors come and those looking for funding can come and pitch their business plans. Be sure to have a strong business plan and describe what makes your business idea stand apart:
Angel Capital Association http://www.angelcapitalassociation.org
Angel's Forum http://www.angelsforum.com
Band of Angels http://www.bandangels.com
Common Angels http://www.commonangels.com
Keiretsu Forum http://www.k4forum.com
Launchpad Venture Group http://www.launchpadventuregroup.com
New World Angels http://www.newworldangels.com
New York Angels http://www.newyorkangels.com
Prairie Angels http://www.prairieangels.org (charges $125 to submit idea)
Robin Hood Ventures http://www.robinhoodventures.com (charges $250)
2006-07-17 23:28:05 · answer #1 · answered by imisidro 7 · 4⤊ 0⤋
The best routes to take are to research the process of starting a business as well as the industry you're interested in.
I recommend checking out the SBA, Entrepreneur, The Start Up Journal & Nolo. All 4 are great informational resources for the new/small business owner. I posted links for you in the source box.
Research, research, research – this cannot be stressed enough. Read as much as you can. Here are some book titles that are relevant:
Finance Related:
* Finding Money: The Small Business Guide to Financing (Small Business Series) by Kate Lister, Tom Harnish
* Financing Your Business Dreams With Other People's Money: How and Where to Find Money for Start-Up and Growing Businesses by Harold R. Lacy
* No Cash No Fear: Entrepreneurial Secrets to Starting Any Business with No Money by Terry Allen
* Starting on a Shoestring: Building a Business Without a Bankroll by Arnold S. Goldstein
Business Plan Related:
* Writing a Convincing Business Plan by Arthur R. DeThomas Ph.D., Lin Grensing-Pophal
* The Definitive Business Plan: The Fast Track to Intelligent Business Planning for Executives and Entrepreneurs (2nd Edition) by Richard Stutely
* The Complete Book of Business Plans: Simple Steps to Writing a Powerful Business Plan (Small Business Sourcebooks) by Joseph A. Covello
* The One Page Business Plan with CD-ROM by James T., Jr. Horan
There are plenty of free informational resources out there. Check the source box for links to articles.
Hope that helps! I wish you much success & happiness in all your ventures!
2006-07-18 05:38:04 · answer #2 · answered by TM Express™ 7 · 0⤊ 0⤋
Compared to offline businesses, the investment required to start an online business is minimal. A popular way of earning money on the internet is by providing information and services. This can be monetised by advertising or charging a subscription. You can also make money online by selling products on auction websites like eBay or through your own website. More information available at http://tinyurl.com/syw6m
2006-07-20 07:02:02 · answer #3 · answered by lalraniusha 3 · 0⤊ 0⤋
Well - for you to start your own business, you should have at least one of those two.
Let us say I have both of those, why will I give it to you instead of starting my own.
If I have one of those two, I will want o partner with someone having the other one.
So either comeup with a business plan of your own or have some money to invest.
2006-07-17 22:21:10 · answer #4 · answered by Mohan 4 · 0⤊ 0⤋
Check with the U.S.Govt. site because they always have some kind of grant for start up of a new business. Also check with your local Chamber of Commerce and see if the City has any grants .
2016-03-16 01:22:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you can go to the chamber of commerce ask for a contact with the SCORE group and from there you will be able to receive all kinds of advice and leads.
cant remember what all letters stand for but it is a group of retired business people that will be glad to assist you
i know cuz i been there done that hope this helps
2006-07-17 22:27:54 · answer #6 · answered by Patti B 1 · 0⤊ 0⤋